Wednesday, February 13, 2008

Here's an easy formula to help you determine the amount of your tax stimulus check. The formulas can be pasted or typed into Excel or punched out on a calculator, if you prefer. These formulas account for the 5% phaseout rate for tax filers that have adjusted gross income above the caps of $75,000 for single filers and $150,000 for joint filers.First you need to know your 2007 Adjusted Gross income. Since a lot of you have already completed your taxes, you will have that number on the tax form. For others, you can estimate by using your 2006 AGI.Second, count up how many kids you have under the age of 17 that you claim (on your taxes)Next, pick which of the following categories you fit into:For single filersif your Adjusted Gross income is less than $75,000, use this formula:tax rebate = 600 + number of kids * 300if your AGI exceeds $75,000, use this formula:tax rebate =600-(AGI-75000)*0.05 + number of kids * 300For joint filers

if your AGI is less than $150,000, use this formula:

tax rebate = 1200 + number of kids * 300

if your AGI exceeds $150,000, use this formula:tax rebate =1200-(AGI-150000)*0.05 + number of kids * 300

A single person with no kids can have an AGI of $87,000 before their rebate is completely phased out.While a married couple with no kids can have an AGI of $174,000 before their rebate is completely phased out.

*You can also bypass all these calculations by using these lookup tables*

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The contents of this website are provided for informational purposes only and should not be construed as advice. I am not a personal finance professional. Please discuss your specific needs with a qualified professional.